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    Cross Elasticity of Demand question

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    Both SmithCo and Jones Inc. sell widgets. SmithCo's sales last month equaled 1000 units and it charged a price of $2. This month Jones Inc. reduced the price it sells its brand of widgets from $2.10 to $2, and SmithCo saw a reduction in the quantity of widgets is sold, down to 900 units. What is the cross elasticity of demand between the two brands of widgets?

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    https://brainmass.com/economics/demand-supply/cross-elasticity-of-demand-question-486501

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    Provides solution to cross elasticity of demand question.

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